Geithner plans book on battling financial crisis

Reuters News

2/6/2013 11:37:38 AM - Reuters News

WASHINGTON (Reuters) - Timothy Geithner, who played a lead role battling the global financial crisis both at the U.S. Treasury and New York Federal Reserve, is planning to write a book on the U.S. response, a spokeswoman said on Wednesday.

Geithner, who was the longest-serving member of President Barack Obama's economic team when he stepped down as secretary of the Treasury last month, is credited with helping to calm the financial storm that swept through Wall Street in 2007-2009.

But his support for bailing out big banks was controversial and many critics have accused him of doing too little for Main Street. In 2009, some lawmakers called for his resignation.

His spokeswoman said he had not started writing the book and will meet with publishers soon.

The book is set to focus on Geithner's time both at the New York Fed, which he led until early 2009, and at the Treasury. In both roles, he was central to navigating the economy through the crisis.

Geithner stepped down from the Treasury post on January 25, handing the reins temporarily to his deputy, Neal Wolin. Obama's pick to succeed Geithner, former White House chief of staff Jack Lew, is awaiting congressional confirmation.

Geithner had previously served at the U.S. Treasury during President Bill Clinton's administration and had held a senior post at the International Monetary Fund - both jobs in which he gained financial firefighting experience.

Earlier on Wednesday, the Council on Foreign Relations announced Geithner will join the New York-headquartered policy think tank as a distinguished fellow.

"His coming to CFR only strengthens our capacity to produce thoughtful analysis of issues at the intersection of economic, political, and strategic developments," CFR President Richard Haass said in a statement.

Geithner has not yet started work on the book and there were no details on when it might be published.